Yesterday, my bank informed me that I am now eligible for 0.7% on our money market savings accounts. Historically speaking, that may not be much, but it is significantly higher than the 0.01% we are getting today.
This info caused me to check with our other financial institutions on similar interest rate increases. Unfortunately, there were no matching hikes by other institutions. However, most had 5-6 month CDs paying 0.5%, which seemed like a reasonable alternative to me.
So in the next month, I'll be moving our 0.01% money market funds into higher paying money market funds or CDs, especially if the Fed raises interest rate in December.
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I have direct deposit into an online savings account at Ally Bank. It pays 1.0% which also is not much, but better than 0.01% in some of my other accounts.
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